Florida lawmakers on Wednesday gave final approval to a bill establishing a pilot program that would allow the state to accept stablecoins for certain government fees, positioning Florida as a leader in digital asset adoption.
The House passed the Senate version of SB 1568 by a 108-3 vote after waiving rules for a swift final reading. The measure, sponsored by Sen. Nick DiCeglie (R-Indian Rocks Beach) and Rep. Jeff Holcomb (R-Spring Hill), now heads to Gov. Ron DeSantis for signature.
The legislation creates the Florida Stablecoin Pilot Program within the Department of Financial Services (DFS). Under the program, DFS may designate and accept “payment stablecoins”—digital assets pegged 1:1 to the U.S. dollar and fully backed by reserves—for voluntary payment of certain regulatory fees, including licensing applications, renewals, and other agency-administered charges.
Participants would send approved stablecoins to a designated digital wallet address provided by DFS, which would then convert them to U.S. dollars. The department could also issue refunds or reimbursements in stablecoins if appropriate. Only stablecoins meeting strict criteria—such as full redeemability, compliance with federal regulations, and issuance by permitted entities—would qualify.
Chief Financial Officer Blaise Ingoglia, who championed the initiative, hailed it as a step to modernize state financial systems.
“Florida’s financial systems must be well equipped for the future of financial transactions,” Ingoglia said in a statement. “Through the Florida Stablecoin Pilot Program, we are doing just that.”
Supporters, including Holcomb, argued the pilot aligns with federal frameworks like the GENIUS Act and positions Florida at the forefront of digital innovation while maintaining strong safeguards.
“With the Florida Stablecoin Pilot Program, Florida is once again leading the nation,” Holcomb said.
The DFS would monitor the program, collect data on its performance, conduct examinations of participating stablecoin issuers as needed, and submit annual reports to the Governor and Legislature starting in 2027. The department may adopt rules to implement the program.
If signed, the measure takes effect immediately upon becoming law. It complements separate legislation (SB 314/HB 175) establishing a broader state regulatory framework for stablecoin issuers, which Florida lawmakers also passed this session.
